Applied Digital Slumps 8% as CEO Says 800 MW Still Needs Financing; Nebius and CoreWeave Fall 6%

Applied Digital shares slid 8% to $16.33 as CEO Wes Cummins warned the company still needs financing for about 800 megawatts (MW) of data center capacity over the next 12 months. The market focus is again on how AI data center builds get paid for, and the article notes that Applied Digital’s slump is dragging related peers, suggesting investors see a funding gap for the whole sector of builders. In an interview on November 2, Cummins said Applied Digital financed about 600 MW of its 1.4-gigawatt (GW) plan, while higher Treasury yields and wider credit spreads have increased borrowing costs. He said the unfinanced capacity has tenants rated AA or better and cited around $20 billion of contracted revenue at three newer campuses. The company has turned on 250 MW in the past year and expects at least 600 MW more online next year, targeting 3.5–4 GW by 2030. Nebius fell 6%, CoreWeave dropped 6%, and IREN also slipped 6%.